Mortgage and maternity leave

CMQ

Hi all. Just after a bit of advice. My husband and I are relocating this year, he can transfer with Work but I can’t (which presents a whole other logistical nightmare!).

I’m currently on mat leave which ends in October. Full pay 6m, stat pay 3 and nothing the remaining 3 (though would consider returning after 9m). So when applying for mortgages, would a lender disregard me even though I would have employment when we moved? I guess they couldn’t work on the promise of that? Really confused as although my part time salary isn’t much it of course gives us a slightly bigger budget which is a necessity with the destination.
Thanks in advance and sorry for ramble.

ACG

Lenders need evidence of an income.
As you are on maternity, they would want a letter from your employer confirming when you will return and on what basis (ie part time/full time) and what your income will be when you do return.

They will not take into account a job that you do not have and can not evidence.

CMQ

Thanks. Frustratingly I can’t provide letter as my employer knows I’m planning on leaving, albeit this might be after I’m due back at Work dependent on house sale. So guess will have to play it by ear.

Thrugelmir

If you buying in a different locality. Then your declaring your existing employment on the mortgage application form is paramount to fraud. Not an advisable course of action.

CMQ

I think you mean tantamount to fraud - I was not suggesting committing fraud but thanks for your reply.

John-K_3

CMQ wrote: »

Thanks. Frustratingly I can!!!8217;t provide letter as my employer knows I!!!8217;m planning on leaving, albeit this might be after I!!!8217;m due back at Work dependent on house sale. So guess will have to play it by ear.

To be clear, you cannot provide the letter as you are leaving. You write as though it would be an option to provide it if your employer did not know.

You write that your part time salary improves your affordability, but it only does that if it is a job in your new location, so although you saying you would not commit fraud, it would only help affordability if you did.

CMQ

Sorry yes I see your point. No confirmed income when I move even if I am back at work before the house sells.

enthusiasticsaver

Yes, your salary will be disregarded if you are on maternity leave and have no proof of income or job when you return. Not advisable to take out too large a mortgage when you do not know if you have a job to go to in your new locality. Can you rent initially until you find work?

Thrugelmir

CMQ wrote: »

I think you mean tantamount to fraud - I was not suggesting committing fraud but thanks for your reply.

Paramount = Materially.

Frustratingly I can’t provide letter as my employer knows I’m planning on leaving,

Fraud takes many forms.

CMQ

This I think will be the best option unfortunately but a means to an end at least. Thanks for your reply.

ViolaLass

Can't you use some of the maternity leave to job hunt in the new area?